Higher Education Pays

Many Americans have opted for higher education due to the the wavering economy, but as unemployment decreases at a steady rate, the Bureau of Labor Statistics projects there will be 20.5 million jobs by 2020. While the healthcare and social assistance sector is expected to have the most growth, education, manufacturing and financial industries will also contribute to the expanding job market.

Within the next eight years, the majority of jobs will require a post-secondary education such as nursing, engineering and computer science. Additionally, graduates who go on to pursue a career in these high-demand industries will receive more pay than those who only have a high school diploma. In a Payscale Salary Survey, degree holders in the petroleum engineering field earn 50 percent more than those at an entry-level position. Additionally, physics majors earn twice the amount as those without specialized knowledge.

“There is more work to be done, but today’s employment report provides further evidence that the economy is continuing to recover from the worst economic downturn since the Great Depression,” said Chairman of the Council of Economic Advisers Alan B. Krueger.

More than 200,000 individuals were hired in February of this year, not surprisingly led by those in healthcare and business services. In March, 121,000 jobs were added to employers’ payrolls and virtually all of them required additional training and education outside of high school. By 2020, the amount of jobs looking for master’s degree holders is expected to increase by 21.7 percent – the highest among all education certifications.

Individuals who earn at least an associate’s degree will not only have a promising career and more annual income, but they will also contribute to the full recovery of the American economy.